The U.S. Department of Commerce has announced 60 organizations that will receive grants from the U.S. Economic Development Administration’s Fall 2023 “Build to Scale” program. Only one of the grantees is from North Carolina: Guilford College.

The College will use its $218,000 grant to inventory its intellectual property such as books or software. Leaders will then determine potential revenue streams that might flow from those assets and if those resources can be matched to economic needs in the community.

Lou Anne Flanders-Stec, Guilford’s Senior Economic Director of Innovation and Engagement, says the College needs a better understanding of intellectual property on campus and how those resources can help the College. “We want to learn more about any research that is going on, any books that have been written, what tools are being used in the classroom that we might be able to turn into revenue for the creator and the College,” she says.

Once Guilford has mapped its intellectual assets, Lou Anne says the College will decide whether there’s an opportunity to create a technology transfer office. Technology transfer facilitates management of intellectual property rights that bridges the gap between research and practice.

Technology transfer offices that provide support collaboration and mediate relationships between academia and industry are typically found at larger, research-based institutions that focus on technology, engineering, software and drug development research.

Such an office is rare for small liberal arts colleges. Lou Anne is excited about the possibility of the College putting together an asset map and office model that could be replicated by other small colleges.

Lou Anne says Economic Development Association officials were piqued by Guilford’s proposal because of the College’s desire to connect its research to social entrepreneurial endeavors as well as develop a similar asset map of entrepreneurial resources in the community to determine how Guilford can bridge any gaps.

“The EDA was certainly excited about that possibility as we are,” she says. “There’s just so many possibilities that can come out of this grant.”